Profits go into a nosedive at EMI

SHAREHOLDERS in music giant EMI, who were blasted by its own band Coldplay last week as the 'greatest evil of this modern world', are likely to be more concerned about a sharp fall in profits when the company reports on Tuesday.

Chairman Eric Nicoli is expected to say they have fallen about 13% to £141m for the year to the end of March. Sales are likely to be down 10% to about £1.9bn.

EMI blamed poor sales and the delay in albums from Coldplay and Gorillaz when it warned over profits in February. The group also warned that other album sales had been lower than expected.

Alain Levy, chairman and chief executive of the music division, said: 'We generated good initial sales from our second-half major releases but, given recent re-order levels and the revised timing of these two major albums, we will now not maintain market share for the full financial year.'

Coldplay have a reputation for problems in the recording studio, with talk of the group breaking up during earlier this year.